Funding Available for SMEs
27th September 2011
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If your small or medium-sized business has the potential for growth, then funding of up to £1,000 is available for training under the Government’s newly launched Leadership and Management Advisory Service (LMAS).

How does it work?

Under the LMAS, grant funding of up to £1,000 is available for owners and senior managers of businesses and social enterprises with clear potential for fast and significant growth. The grant will pay for up to 50 per cent of the fees to a maximum of £1,000, excluding VAT. It must be used for leadership and management coaching, mentoring or training to develop the skills of the applicant so that they can grow their business by maximising the contributions of their staff.

Who is eligible?

To apply for the funding, you must be a private sector business or social enterprise with:

• Fewer than 250 employees (the definition of a medium-sized business);
• At least one full-time employee in addition to the person making the application;
• Demonstrate the potential for growth. We can advise you on what this means in relation to your company.

If your business has fewer than 50 employees (the definition of a small business), then the applicant themselves must be the managing director, owner or chief executive. Only one grant claim can be made per organisation.

Coaching, mentoring or training must have started within 90 days of the grant being approved. The grant must be claimed once the activity has either been completed or once it is in progress, if it lasts more than 90 days.

Areas that are eligible for funding include:

• Developing effective leadership and management skills;
• Involving your workforce in the planning and creative process;
• Planning and developing the organisation of your company in the most effective way;
• Encouraging and managing high performance among employees.

Lamont Pridmore can help you claim this valuable funding, as well as being able to provide the coaching, mentoring or training required in leadership and management. To find out how contact them here

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